https://www.taxtmi.com/caselaws?id=183796 Interest and penalty were treated as unsustainable where the assessee had no surplus input tax credit available to offset the reassessed tax demand. The stated principle was that penalty requires an element of evasion or avoidance of tax, and that interest could not be justified when the tax liability was effectively covered by available credit and the factual basis for evasion was absent. On that reasoning, deletion of both interest and penalty was upheld in favour of the assessee. en-us Thu, 26 Mar 2015 00:00:00 +0530 Wed, 22 Jun 2016 09:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183796 Interest and penalty were treated as unsustainable where the assessee had no surplus input tax credit available to offset the reassessed tax demand. The stated principle was that penalty requires an element of evasion or avoidance of tax, and that interest could not be justified when the tax liability was effectively covered by available credit and the factual basis for evasion was absent. On that reasoning, deletion of both interest and penalty was upheld in favour of the assessee. Case-Laws VAT and Sales Tax Thu, 26 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183796